Ferrero antitrust investigation summary
- European Commission conducted surprise ‘dawn raids’ at chocolate sites
- Ferrero confirmed inspections at offices in two EU states
- Probe examines possible restrictions on cross-border chocolate sales within EU
- Precedent includes Mondelēz €337.5m fine for limiting parallel trade
- Investigation risks distracting high-growth Ferrero and undermining consumer trust
Exactly one week ago, the European Commission announced it had stepped up scrutiny of the chocolate confectionery sector with surprise inspections.
These so-called dawn raids have taken place at a chocolate company’s sites in two member states. The company in question? It was anyone’s guess.
Rumours ensued. Was it Mondelēz International? No. Was it Nestlé? Also, no. But just days after the Commission’s announcement, the chocolate maker – a giant in its field – came forward.
“Ferrero is aware that on-site inspections are currently taking place in its offices by European Commission officials,” a press office representative confirmed.
What antitrust rules might Ferrero have breached?
With the investigation ongoing, it’s too early to draw conclusions. There’s no fixed deadline for these types of investigations – how long they take depends on how complex the case is, how much companies cooperate, and how they use their rights during the process.
But it’s not too early to understand the potential allegations facing the Italian confectioner.
The Commission suspects Ferrero may have broken EU competition rules by coordinating with others, limiting competition, or using its strong market position unfairly.
Specifically, investigators are looking into whether Ferrero restricted the sale of chocolate between EU countries, making it harder to buy products across borders within the EU’s single market.
Ferrero says it’s “fully cooperating” and providing the information requested by the Commission.
Not the first chocolate giant to be investigated for antitrust practices
Back in 2024, another big name in chocolate confectionery, Mondelēz, was investigated by the Commission for suspected antitrust practices and was ultimately fined.
The investigation found that the Cadbury, Oreo and Milka maker had tried to stop its chocolate, biscuits and coffee products from being bought in lower-priced EU countries and resold in higher-priced ones. This type of cross-border buying and selling, known as parallel trade, is allowed within the single market. However, Mondelēz was found to have restricted where some wholesalers could resell its products.
According to the Commission, these practices enabled the company to keep prices higher, to the detriment of consumers. Mondelēz was fined €337.5m.
A cloud on the horizon for the confectionery powerhouse?
Although the Ferrero investigation has yet to reach a conclusion, it represents an unwelcome distraction for private, family-owned company, which has otherwise been enjoying strong momentum.
In the last 18 months alone, Ferrero Group has made a series of bold strategic moves. These include the $3.1bn (€2.6bn) acquisition of cereals major WK Kellogg in North America, bringing iconic brands like Froot Loops and Special K into its portfolio, and the acquisition of protein snack maker Bold Snacks, underscoring its ambition to become a broader snacking powerhouse. Ferrero has also been recognised as the world’s third biggest confectionery company.
Valued at an estimated $16.7bn, according to Bloomberg, Ferrero’s most recent financial results suggest the strategy is paying off. For the 12 months ending 31 August 2025, the group reported sales of €19.3bn, up a steady 4.6% year on year.
The company credits factory investments, acquisitions and expansion into new markets for driving this growth, with product innovation remaining central to its strategy.
Antitrust scrutiny, however, is not. And a potential complication such as an antitrust finding could risk undermining consumer trust.
